USD 931.9 billion
Used Cars Market Size, Share, Growth Analysis, By Vehicle Type(SUV, Hatchback, Sedan), By Distribution Channel(Independent Dealer, Franchise Dealer), By Vendor Type(Organized, Unorganized), By Fuel Type(Petrol, Diesel, Others), By Size(Mid-Size, SUVs, Compact), By Sales Channel(Offline and online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2118 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
167
|Figures:
79
Used Cars Market Insights
Used Cars Market size was valued at USD 931.9 billion in 2019 and is poised to grow from USD 996.906 billion in 2023 to USD 1700.1 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).
Increased internet accessibility and availability of various apps, and websites have increased awareness among people about vehicles and advanced features. Urbanisation and the use of technology along with various advertising and media have made the buying and selling of cars easy and hustle-free. Moreover, there is a craze for luxury facilities of the car, which cost high. There are people who can not afford to buy new cars but look forward to used cars with those luxury features. Increased Urbanisation and the increasing middle-class population are expected to create high market demand for used cars in upcoming years.
Increased population and the rising cost of cars have inclined people to go for used cars. Ownership of care is low among millennials. Increasing population and the rising cost of maintenance of a vehicle along with other accompanying constraints increase the demand for used cars and hence paves way for higher market growth.
US Used Cars Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Type
Fastest Growth
SUV
Growth Rate
6.9% CAGR
Used Cars Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Used Cars Market Segmental Analysis
Global Used Cars Market is segmented based on Type, Distribution Channel, vendor type, fuel type, size, sales channel, and Region. Based on Type Used Cars Market is categorised into: SUV, Hatchback and Sedan. By Vendor Type, the Used Cars Market is segmented into organised and unorganised. By Fuel Type, Used Cars Market is segmented into Petrol, Diesel, Others. Based on the Distribution channel Used Cars Market is categorised into: Independent Dealer, Franchise Dealer, Based on size, the Used Cars Market is segmented into Mid-Size, SUVs, Compact. Based on the sales channel, the Used Cars Market is segmented into online and offline. Based on the region it is categorised into: North America, Europe, Asia-Pacific, South America, and MEA.
Used Cars Market Analysis by Type
On the basis of market analysis by type the market segment is expected to grow for SUVs. SUV, the Sport Utility Vehicle is very popular and per the recent survey in China out of 5 passenger vehicles sold 2 are SUVs. SUV cars are popular for being a combination of on -road-use vehicles and off-road vehicles and provide rough and tough appeal.SUV cars sales are estimated to increase by 50 million units by 2023. Owing to the popularity of SUVs the market is anticipated to rise for Used SUV cars in the forecasted period.
Used Cars Market by Type, 2021(%)
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Used Cars Market Regional Insights
On the basis of the region, the Asia Pacific held the largest share of the global used cars market. The market share was over 35% in 2021. The rapid growth of market demand in China for used cars is attributed to this rising share. The Asia Pacific is estimated to propel the highest market share over the estimated period. increasing sales of the used car in China, India, and other Asian countries is a major contributing factor to the market growth.
The number of organised market players is rising, China is leveraging its market presence in the Asia Pacific region. Various deals and vendors have come up with advanced technologies of marketing, personalised mobile applications, eye-catching advertisements, and digital marketing methods are paving way for huge prospects in the market. Malaysia, Indonesia, and South Korea are estimated to be potential markets in upcoming years.
Used Cars Market
Market By Geography, 2021-2028
- Largest
- Fastest
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Used Cars Market Dynamics
Used Cars Market Driver
- Advanced technology and prevalent usage of the internet, and easy access to e-commerce sites/applications are boosting the market demand and helping in building brand presence. The introduction of hybrid vehicles and electric vehicles has altered the buyer‘s position in the market. Online technologies help consumers in gaining information knowledge about the vehicle, third party profit margins, its residual value and others. Moreover, surging urbanisation, rising internet connectivity along with developments in the telecom sector have allowed for much-better information access for people. Car owners are using these factors to spread details and advertise their vehicles. Online forums have provided a seamless process thereby causing increased sales and enabling more stakeholders to sell and buy cars. These online means create transparency between buyer and seller and are thus estimated to be a market driver in upcoming years.
Used Cars Market Restraint
- The rising demand for used cars has paved the way for growing unorganised players in the market. A notable share is attributed to the unorganised players in the used cars market especially in countries such as India, China, Thailand, Brazil, and Mexico, hold. The unorganised market players do not adhere to any rules and regulations and pose a threat to market growth. No provision for warranty and malpractices such as selling a defective and damaged product by hiding its flaws is leading to trust issues among consumers.
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Used Cars Market Competitive Landscape
In the Global Used Cars Market, few big and medium-sized market players account for a large portion of market revenue. Major players are implementing numerous tactics and strategies including mergers and acquisitions, strategic agreements and contracts leveraging ways to generate high market revenue.
Used Cars Market Top Players Company Profiles
- CarMax
- Vroom
- CarGurus
- Shift Technologies
- Autotrader
- TrueCar
- Cars.com
- Beepi
- Carvana
- Hertz Car Sales
- Enterprise Car Sales
- Avis Car Sales
- Budget Car Sales
- Alamo Car Sales
- National Car Sales
- Thrifty Car Sales
- Sixt Car Sales
- Europcar Used Car Sales
- ADESA
- Manheim
Used Cars Market Recent Developments
- In April 2022, Spinny launched Spinny Max to sell luxury segment pre-owned cars. It offers customers a range of pre-owned premium cars such as Mercedes-Benz, BMW, Audi and JLR among others.
- In August 2021, Mahindra First Choice Wheels (MFCW) partnered with CamCom which is an AI-powered visual inspection solutions company that offers the ability to inspect cars using Artificial Intelligence. Mahindra envisions smart AI regulated assessments of damage in vehicles.
- In August 2021, Mercedes-Benz India introduced a ‘direct customer to customer’ selling platform called ‘Marketplace’ This platform intends to provide buyers and sellers with a luxury experience via pre-owned cars along with multiple benefits.
- In July 2021, Ola enhanced Mobility Play with the Global Used Cars Marketplace ‘OlaCars’. This platform will allow Ola Cars to directly compete with other market players such as CredR, OLX, CarDekho, Droom, and Spiny, which are currently the most funded companies in the market space.
Used Cars Key Market Trends
- The COVID-19 Pandemic had a remarkable impact on the market. The pandemic hit disrupted the market due to travelling commuting restrictions. The security and safety concerns also inclined individuals towards individual cars in comparison to shared vehicles. The prevalence of Electric vehicles and hybrid vehicles is further creating a potential used cars market in upcoming years.
- Increasing usage of mobile phone application-based booking due to the ease of accessibility it provides is popular. Easy to handle interface and comprehensive options such as comparing prices, knowing seller/buyers in nearest locations, and access a complete overview of cars. Advanced technologies such as artificial intelligence and machine learning use algorithms to detect damage and predict the price. The pricing of the car is paving way for market growth.
Used Cars Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global used cars market analysis, current initiatives to provide a comprehensive platform for used cars, as well as rising product launches and services by key players are expected to raise market competition over the projection period. Furthermore, increased R&D activities in electric vehicles are expected to be a valuable resource in the growth of the Global Used Cars Market over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 931.9 billion |
| Market size value in 2031 | USD 1700.1 billion |
| Growth Rate | 6.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Used Cars Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Used Cars Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Used Cars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Used Cars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Used Cars Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Used Cars Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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